Osino to pay Dundee N$140m for terminating Twin Hills Gold Project sale

• By Confidente Reporter

OSINO has announced that it has received a proposal from a foreign-based mining company to acquire all of the company’s issued and outstanding common shares.

If the new offer is accepted, Osino Resources must pay Dundee Precious Metals N$140 million (C$10 million) if it terminates the arrangement agreement to sell the Twin Hills Gold Project. The two companies agreed to sell the Twin Hills Gold Project in December 2024.

Dundee Precious Metals agreed to pay about N$4 billion, but Osino has found a new buyer offering about N$5,2 billion. The Canadian company said Osino has further advised them that its board of directors has determined that the new pro posal constitutes a superior proposal as defined in the arrangement agreement between the two companies dated December 17, 2023.

The new offer also includes all of the issued and outstanding securities convertible into Common Shares for cash consideration of C.

90 for each Common Share by way of a plan of arrangement.

“The Board of Directors unanimously determined, after consultation with its financial and legal advisors, and based upon the unanimous recommendation of the special committee of the Board, that the New Offer constitutes a “Superior Proposal” by the terms of the arrangement agreement between the Company and Dundee Precious Metals dated December 17, 2023,” Osino said in a statement.

Per the superior proposal key terms pursuant to the New Offer, the company’s shareholders would receive cash consideration of C$1.90 for each Common Share, valuing Osino at approximately C$368 million.